Asset Managers – Page 320
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News
Consultant says it is first to 'cost' fixed income transactions
GERMANY - A German investment consultant has developed what it claims is the first methodology to measure the overall cost of fixed income transactions
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Real estate manager PRICOA in MBO from Prudential parent
London-based PRICOA Property Investment Management (PPIM) has confirmed that it is in discussion with US parent company Prudential Real Estate Investors about a management buy-out (MBO) of the European operations.
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AIMA launches survey for common hedge fund NAV policy
The UK-based Alternative Investment Management Association (AIMA) is asking hedge funds to take part in a survey to identify a common approach to valuing hedge fund assets and pricing hedge fund net asset values (NAV).
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Stopford promoted to Investec fixed income top slot
UK - Investec Asset Management has promoted the head of its South African fixed income team, John Stopford, to head up the firm’s fixed income business.
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AP3 switches US equity portion to Asia-Pacific region
SWEDEN –Sweden’s third national pension fund, AP3, has reduced the size of its 24.7 billion Kronor (2.6 million euros) US mandate by 2.5% of the total portfolio to boost a 930 million kronor (100 million euros) Asia Pacific exposure.
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MMC sees lower profits for Putnam outside US
US – Marsh & McLennan Cos. has said the non-US operations of its Putnam Investments subsidiary may not be as profitable as its US business.
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Schroders loses RSPCA balanced brief
UK - The Royal Society for the Prevention of Cruelty to Animals has appointed Threadneedle Asset Management to run its 68 million-pound (100 million-euro) balanced pension scheme, resulting in a loss for Schroder Investment Management.
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Fortis Investments names new CEO in Belgium
BELGIUM - Fortis Investments has named Peter De Proft as chief executive in Belgium.
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Northern Trust hires Gartmore’s Harper
UK – Northern Trust Global Investments has hired Gartmore’s Kate Harper as a director of institutional sales.
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Janus names Goldman’s Black as CIO, president
GLOBAL – Janus Capital Group, facing an estimated 4.5 billion dollars of withdrawals by institutions, has hired Gary Black from Goldman Sachs Asset Management to be its new chief investment officer and president.
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CSAM says Lucerne head Jurt leaves
SWITZERLAND – The head of the Lucerne office of Credit Suisse Asset Management, Herbert Jurt, has left the company and been replaced by Hans Stirnimann.
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KBC sells Polish pension fund to PTE Polsat
POLAND - Kredyt Bank, the Polish unit of Belgian financial holding company KBC, has decided to sell its pension business to competitor PTE Polsat for an undisclosed price.
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KAS Bank positive despite profit fall
NETHERLANDS - Securities services group KAS Bank says its overall 2003 net profit fell to 13.2 million euros from 53.8 million euros in 2002 - though it says things are on an upward trend.
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Fortis Investments’ profit and AUM rise 7%
BELGIUM/NETHERLANDS – Fortis Investments has posted a seven percent increase in both net operating profit and assets under management in 2003.
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Royal Bank shifts to specialists in revamp
UK - The Royal Bank of Scotland has hired seven new specialist asset managers in a revamp of its 12 billion-pound (18 billon-euro) pension fund that was previously exclusively managed by Gartmore and Newton.
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KAS Bank reduces staff by five in 2003
NETHERLANDS – Dutch custody services group KAS Bank reduced its staff levels by five in 2003.
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French reserve fund to focus SRI effort in Europe
FRANCE – The 16 billion-euro French reserve fund says it will concentrate its socially responsible investing approach on large-cap European equities at first.
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SEB says new pension standard to hit profit
SWEDEN – SEB estimates new pension accounting standards will hit 2004 profit by around 250 million crowns (27.2 million euros).
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Hungary records 30% annual pensions growth
Budapest-based Consultancy firm FI-AD Financial Advisory Ltd has published its report on institutional savings in Hungary for the fourth quarter of 2003.
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French reserve fund critical of some applications
FRANCE – The 16 billion-euro French pension reserve fund has made some critical comments about the standard of some asset managers’ applications for mandates.
